Frequently Asked Questions
Acquiring a house property is a significant milestone in one’s life, and in a country like India, it is often a long-term investment. However, the process of buying a house can be complex, involving legalities, financial considerations, and potential risks. To ensure a smooth and secure property acquisition, house buyers must take necessary precautions. We will explore some essential precautions that house buyers should consider when acquiring properties in India.
- What are the general precautions to be taken while buying a new property?
This is the basic checklist for acquiring any house property:
Legal due diligence: Before finalizing a property, it is vital to conduct thorough research and due diligence. Start by researching the reputation of the builder or developer. Look for their past projects, reviews, and track record. Verify their credentials, licenses, and approvals from relevant authorities. Additionally, research the locality, including infrastructure, amenities, and future development plans. Engage in discussions with residents and consult real estate professionals to gather as much information as possible about the property and its surroundings.
2. Legal verification: Ensure the property has a clear and marketable title by verifying the relevant legal documents. Engage a qualified lawyer or legal expert to scrutinize the property’s title deed, ownership documents, land records, and encumbrance certificates. Confirm that the property is free from any legal disputes, litigation, or pending dues. Verify if the property adheres to all zoning and construction regulations and possesses necessary clearances from municipal authorities.
3. The importance of physical verification: A physical inspection of the property is vital to assess its condition, quality, and compliance with specifications mentioned in the agreement. Inspect the construction quality, structural integrity, plumbing, electrical systems, and any potential defects. Check for adequate ventilation, natural lighting, and functional amenities. If possible, visit the property during different times of the day to assess noise levels, traffic patterns, and overall livability.
